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CDFA COVID-19 Recovery & Relief Update - August 4, 2020

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COVID-19 Recovery & Relief Update
August 4, 2020
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COVID-19 Recovery & Relief Update


Second Stimulus Package: Negotiations Continue In Congress
The second stimulus proposal from the Senate Republicans, the HEALS Act, includes multiple smaller pieces of legislation. These components would provide another round of direct stimulus payments to Americans, extend unemployment benefits, freeze Medicare premiums, offer more PPP funding, and extend liability shields for businesses facing COVID-19-related lawsuits. The House released its second stimulus proposal, the HEROES Act, in May.

Supporting Microbusinesses in Underserved Communities During the COVID-19 Recovery
In Detroit, collaborations between public, private, nonprofit, and philanthropic leaders quickly listened to business owners, innovating and implementing strategies to ensure the most vulnerable businesses could address their specific needs that resulted from social distancing orders. The strategies outlined below could have potential applications for many underserved communities in cities across the United States.

Depleted Tax Coffers Could Cause Shift in Incentive Policy
In this new environment of reduced tax revenues, impacts on incentives must be considered. While the country battles the coronavirus, state and local governments will be squeezed financially - just like so many businesses and households. Economic development organizations will have to respond by carefully managing - and better justifying - their incentive and financing programs.

White House Examining Taking Unilateral Action If Congress Can't Reach Deal
Democrats passed a $3 trillion package in May that included an extension of unemployment benefits, new stimulus checks, aid for states and localities, but negotiations have gotten bogged down in the Senate. The White House is now considering taking unilateral action if the Senate is unable to reach a deal.

Brookings Institute Releases Infrastructure Stimulus Plan for the COVID-19 Recession
This Brookings Institute brief uses historical data and the earliest indicators from the COVID-19 downturn to make the case for a people-first approach to federal infrastructure stimulus. The total cost of these programs would range from $167 billion to $327 billion.

Coronavirus Relief Talks Stuck on Scope of Aid
Negotiations on a coronavirus relief bill have yet to enter the policy give-and-take stage as Republicans remain focused on a short-term measure that Democrats say is worthless and delaying progress toward a much-needed broader aid package.

What You Need to Know About the Federal Reserve's Main Street Lending Program
In response to the financial strain on small businesses resulting from the COVID-19 crisis, the Federal Reserve has introduced the Main Street Lending Program (MSLP). The purpose of this lending program is to provide the availability of credit to "help companies that were in sound financial condition before the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize."

EXIM Approves $97.2M Working Capital Loan Guarantee for "Made in the USA" Aircraft Exports, 800 Jobs
The Export-Import Bank of the United States Board of Directors, in another application of EXIM's COVID-19 economic recovery measures to support U.S. businesses and American jobs during the global pandemic, today unanimously approved a $97.2 million working capital guarantee that will support approximately $211.4 million in export sales and an estimated 800 U.S. jobs.

Upcoming Events
CDFA Federal Financing Webinar Series

CDFA-PFM Capital Markets Webinar Series: Today's Bond Regulatory Environment
August 20, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, experts will analyze how recent regulatory actions will impact how banks buy bonds and how deals are priced.

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

State & Local Programs

Delaware County, OH Creates Small Business Revolving Loan Fund
Delaware County | Jul. 31 | Access to Capital | Community Development | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Officials Announce Aug 10 Launch Date for Small Business Rental Assistance Program
Tap Into Bayonne | Jul. 28 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

St. Louis, MO Community Development Financial Institutions Offer Varied Financial Services in Time of Crisis
RiverBender | Jul. 28 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

Microloan Program Created for Memphis Small Businesses Threatened by Coronavirus
commercial appeal | Jul. 28 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | Revolving Loan Funds (RLFs) | COVID-19

Federal Grant to Pay for Low-Interest Loans to Oregon Small Businesses Harmed by Pandemic
The News-Review | Jul. 28 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Economic Development Administration (EDA) | Microenterprise & Microloans | Revolving Loan Funds (RLFs) | COVID-19

TCF Bank Announces $1B Investment in Loans for Minority-Owned Businesses
Bridge | Jul. 28 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Social Finance | Revolving Loan Funds (RLFs) | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Commerce (DOC)

Public Works and Economic Adjustment Assistance Programs
The Public Works and Economic Adjustment Assistance Program supports the construction or rehabilitation of essential public infrastructure and facilities needed to generate or retain private sector...

Agency Seal U.S. Dept. of Treasury

Primary Dealer Credit Facility
This loan facility provides credit to primary dealers in exchange for a broad range of collateral for term funding with maturities up to 90 days.

Agency Seal U.S. Small Business Administration (SBA)

SBA Disaster Assistance Loans
SBA offers low-interest long-term loans for physical and economic damage caused by declared disasters, including COVID-19.

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

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  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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